Qualigen Therapeutics, Inc. - QLGN STOCK NEWS

Qualigen Therapeutics (Nasdaq: QLGN) reported Q1 2022 revenues of $0.7 million, down from $1.9 million year-over-year, due to the expiration of its agreement with Sekisui Diagnostics. The net loss for the quarter decreased to $4.3 million ($0.12 per share) from $5.2 million ($0.19 per share) in Q1 2021. The company resumed full control of FastPack® sales, anticipating growth in future quarters. Qualigen also acquired a majority stake in NanoSynex and expanded collaborations for its cancer therapeutics pipeline, including QN-302 for treating various cancers.

Qualigen Therapeutics (Nasdaq: QLGN) announced its acquisition of a majority stake in NanoSynex Ltd, which will showcase its innovative Antimicrobial Susceptibility Testing (AST) platform at BioMed Israel on May 11, 2022. This technology aims to revolutionize bacterial infection treatment by providing faster test results, potentially reducing mortality and morbidity rates in hospitals. CEO Michael Poirier emphasized the importance of this collaboration, aligning with the global need to combat antibiotic-resistant bacteria, termed superbugs, by ensuring accurate antibiotic targeting.

Qualigen Therapeutics (Nasdaq: QLGN) has announced a definitive agreement to acquire a majority stake in Israel-based NanoSynex, aimed at developing an Antimicrobial Susceptibility Testing (AST) platform to combat antibiotic-resistant superbugs. This acquisition includes a stock-for-stock deal and an initial investment of $600,000. The AST platform is designed to provide rapid and accurate bacterial infection tests, promoting better targeting of antibiotics. Qualigen aims to leverage its existing diagnostics capabilities alongside NanoSynex's technology to enhance patient care and reduce mortality rates linked to antimicrobial resistance.

Qualigen Therapeutics, Inc. (Nasdaq: QLGN) announced the promotion of Shishir Sinha to lead its diagnostics division, having served as COO. This change aligns with the company's strategy to enhance its diagnostics business, particularly following the return of FastPack® sales and marketing. Sinha expressed commitment to grow the diagnostics segment, aiming to increase sales and broaden the distribution network. The company continues to focus on its cancer treatments while ensuring high-quality diagnostics for healthcare providers.

Qualigen Therapeutics (Nasdaq: QLGN) announced promising findings from three posters presented at the AACR conference, focusing on their lead therapeutic program QN-302, a potential treatment for pancreatic and prostate cancers. QN-302 showed significant anti-proliferative and anti-tumor activities in preclinical models. The American Cancer Society predicts approximately 62,210 pancreatic cancer diagnoses and 49,830 deaths in the U.S. in 2022. The company remains on track for initiating IND-enabling studies, emphasizing its commitment to addressing high unmet medical needs in cancer treatment.

Qualigen Therapeutics (Nasdaq: QLGN) announced on April 1, 2022, the resumption of worldwide distribution and commercial control of its FastPack diagnostics business, previously managed by Sekisui Diagnostics. This transition enables Qualigen to receive 100% of the revenue from FastPack sales, enhancing profitability. The FastPack System has generated over $120 million in sales over 20 years, delivering rapid immunoassay tests for various health conditions. The company aims to expand its diagnostic offerings while developing new technologies for future health crises.

Qualigen Therapeutics, Inc. (Nasdaq: QLGN) reported a 31% increase in revenue for the fiscal year ended December 31, 2021, totaling $5.65 million. This growth is attributed to increased sales and licensing from the diagnostics sector, especially from their FastPack rapid testing products. The company also regained worldwide distribution control over these products, enhancing revenue potential. In addition, Qualigen advanced its therapeutic pipeline through licensing QN-302, targeting pancreatic ductal adenocarcinoma. The company ended 2021 with $17.5 million in cash.

Qualigen Therapeutics (Nasdaq: QLGN) has appointed Translational Drug Development (TD2) to oversee the preclinical development of its lead drug candidate, QN-302, targeting pancreatic ductal adenocarcinoma (PDAC). This partnership aims to navigate the IND process efficiently and expedite clinical trials. QN-302 is a genomic quadruplex-selective transcription inhibitor, potentially eligible for Orphan Drug Designation due to the high unmet medical need in treating PDAC, which currently lacks effective options.

Qualigen Therapeutics (Nasdaq: QLGN) announced positive in vivo data for its lead compound QN-302 at the AACR Conference. The data highlights QN-302's potential as a treatment for pancreatic and prostate cancers, showcasing significant anti-tumor activity in various patient-derived xenograft models. QN-302 is recognized for its strong binding affinity to genomic quadruplexes, supporting its therapeutic application. Furthermore, it has demonstrated bioavailability and tolerability at proposed therapeutic doses in animal studies. These findings could foster further clinical development.